Canadian Mid-Large Cap

As at September 30, 2022

This strategy is closed to new institutional investors.

Strategy Profile

Managers:
Vijay Viswanathan, CFA, MBA
Mark Rutherford, CFA
Benchmark * :
S&P/TSX Composite Index (TR)
Assets Under Management:
Mawer Investment Management Ltd: $77,135 M
Strategy : $9,480 M
Inception Date:
June 1, 1991
  • * Based on all accounts following the strategy

Investment Philosophy

As bottom-up, benchmark agnostic, fundamental investors, we seek to identify companies with sustainable competitive advantages, regardless of industry or economic conditions. We believe that by consistently following our investment philosophy—seeking wealth-creating companies, with great management teams, bought at a discount to intrinsic value—we can provide investors with above average, long-term, risk-adjusted returns.

What Does the Strategy Invest In?

The strategy invests primarily in securities of larger capitalization Canadian companies. Treasury bills or short-term investments, not exceeding three years to maturity, may also be used from time to time.

Strategy Profile

Managers:
Vijay Viswanathan, CFA, MBA
Mark Rutherford, CFA
Benchmark * :
S&P/TSX Composite Index (TR)
Assets Under Management:
Mawer Investment Management Ltd: $77,135 M
Strategy : $9,480 M
Inception Date:
June 1, 1991
  • * Based on all accounts following the strategy

Investment Philosophy

As bottom-up, benchmark agnostic, fundamental investors, we seek to identify companies with sustainable competitive advantages, regardless of industry or economic conditions. We believe that by consistently following our investment philosophy—seeking wealth-creating companies, with great management teams, bought at a discount to intrinsic value—we can provide investors with above average, long-term, risk-adjusted returns.

What Does the Strategy Invest In?

The strategy invests primarily in securities of larger capitalization Canadian companies. Treasury bills or short-term investments, not exceeding three years to maturity, may also be used from time to time.

Sector Weights

Sector: Communication services
  • Portfolio: 4.9
  • : 4.9
Sector: Consumer discretionary
  • Portfolio: 3.1
  • : 3.5
Sector: Consumer staples
  • Portfolio: 9.6
  • : 4.1
Sector: Energy
  • Portfolio: 9.2
  • : 17.7
Sector: Financials
  • Portfolio: 25.6
  • : 31.5
Sector: Health care
  • Portfolio: 0
  • : 0.4
Sector: Industrials
  • Portfolio: 16.7
  • : 13
Sector: Information technology
  • Portfolio: 10.4
  • : 5.3
Sector: Materials
  • Portfolio: 7.1
  • : 12
Sector: Real estate
  • Portfolio: 4.9
  • : 2.5
Sector: Utilities
  • Portfolio: 3.8
  • : 5
Sector: Cash & cash equivalents
  • Portfolio: 4.7
  • : 0

Top 10 Equity Holdings

Portfolio Weight
Royal Bank of Canada 5.0
Canadian Natural Resources Limited 4.8
Toronto-Dominion Bank 4.6
Canadian Pacific Railway Limited 4.1
Bank of Montreal 3.7
Alimentation Couche-Tard 3.5
Loblaw Companies 3.5
CGI 3.4
Brookfield Asset Management Inc. 3.2
Nutrien 3.1
Total 38.9

Market Capitalization

Billions Number of Companies Portfolio Weight
$0 to $3 4 4.8
$3 to $10 10 18.9
$10 to $100 22 57.6
$100+ 4 14.0
Cash & Cash Equivalents - 4.7
Total 40 100.0

Portfolio Characteristics

Portfolio S&P/TSX Composite Index (TR)
ROE (%) 13.5 14.9
Forward P/E 11.7 11.4
Dividend Yield (%) 2.8 3.2
Active Share (%) 50.9 -
Annual Turnover 23.8 -
Number Of Holdings 40 -

Source: FactSet and Mawer Investment Management Ltd. Portfolio characteristics are based on the Mawer Canadian Equity Composite representative account and it’s supplemental information to the Canadian Equity Composite. See GIPS report(s) and full disclaimers.

Annualized Performance

Period: YTD
  • Canadian Mid-Large Cap Composite (Net): -10.3
  • Canadian Mid-Large Cap Composite (Gross): -9.8
  • S&P/TSX Composite Index (TR): -11.1
Period: 1 Yr
  • Canadian Mid-Large Cap Composite (Net): -4.5
  • Canadian Mid-Large Cap Composite (Gross): -3.8
  • S&P/TSX Composite Index (TR): -5.4
Period: 3 Yr
  • Canadian Mid-Large Cap Composite (Net): 5.8
  • Canadian Mid-Large Cap Composite (Gross): 6.6
  • S&P/TSX Composite Index (TR): 6.6
Period: 5 Yr
  • Canadian Mid-Large Cap Composite (Net): 5.6
  • Canadian Mid-Large Cap Composite (Gross): 6.4
  • S&P/TSX Composite Index (TR): 6.5
Period: 10 Yr
  • Canadian Mid-Large Cap Composite (Net): 9.7
  • Canadian Mid-Large Cap Composite (Gross): 10.5
  • S&P/TSX Composite Index (TR): 7.3
Period: Since Inception
  • Canadian Mid-Large Cap Composite (Net): 7.9
  • Canadian Mid-Large Cap Composite (Gross): 8.8
  • S&P/TSX Composite Index (TR): 5.4

Calendar Year Returns

Calendar Year Returns 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012
Canadian Mid-Large Cap Composite (Net) 24.3 3.3 21.4 -9.6 9.6 16.6 0.4 16.6 26.4 13.5
Canadian Mid-Large Cap Composite (Gross) 25.3 4.1 22.3 -8.9 10.4 17.5 1.2 17.5 27.3 14.3
S&P/TSX Composite Index (TR) 25.1 5.6 22.9 -8.9 9.1 21.1 -8.3 10.6 13.0 7.2

Upside/downside Capture (10 Yr)

Upside Capture
  • Canadian Mid-Large Cap Composite (Net):
  • Canadian Mid-Large Cap Composite (Gross): 98
  • S&P/TSX Composite Index (TR): 100
Downside Capture
  • Canadian Mid-Large Cap Composite (Net):
  • Canadian Mid-Large Cap Composite (Gross): 75
  • S&P/TSX Composite Index (TR): 100

Past performance does not guarantee or indicate future results. Performance is in Canadian dollars. See GIPS report(s) and full disclaimers.

Canadian Mid-Large Cap Composite

Period Start Period End Gross-of-Fee Composite Return Net-of-Fee Composite Return Benchmark Return Internal Dispersion Composite Gross 3-Yr St Dev Benchmark 3-Yr St Dev Number of Relationships at Period End Total Composite Assets (Millions) at Period End Total Firm Assets (Millions) at Period End
31 Dec 2011 31 Dec 2012 14.34% 13.48% 7.19% 0.80% 9.56% 11.64% 41 $2,414 $11,334
31 Dec 2012 31 Dec 2013 27.32% 26.37% 12.99% 1.07% 8.33% 10.24% 42 $2,989 $15,496
31 Dec 2013 31 Dec 2014 17.52% 16.64% 10.55% 0.39% 6.28% 8.31% 34 $3,145 $18,611
31 Dec 2014 31 Dec 2015 1.18% 0.42% -8.32% 0.99% 7.76% 8.47% 42 $3,138 $22,769
31 Dec 2015 31 Dec 2016 17.50% 16.62% 21.08% 0.54% 7.74% 8.32% 40 $3,312 $26,723
31 Dec 2016 31 Dec 2017 10.38% 9.56% 9.10% 0.20% 7.59% 7.40% 36 $3,081 $32,648
31 Dec 2017 31 Dec 2018 -8.88% -9.56% -8.89% 0.20% 8.12% 7.91% 38 $2,581 $35,251
31 Dec 2018 31 Dec 2019 22.33% 21.41% 22.88% 0.45% 8.93% 9.11% 36 $2,739 $44,802
31 Dec 2019 31 Dec 2020 4.12% 3.35% 5.60% 0.62% 14.94% 17.01% 35 $2,743 $54,632
31 Dec 2020 31 Dec 2021 25.26% 24.32% 25.09% 0.29% 14.50% 16.37% 38 $3,118 $69,636
31 Dec 2021 30 Sep 2022 -9.84% -10.35% -11.14% 0.23% 15.61% 17.43% 34 $2,237 $55,405
Compliance Statement
Mawer Institutional claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Mawer Institutional has been independently verified for the periods from January 1, 2007 to December 31, 2021. The verification report(s) is/are available upon request. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. Verification does not provide assurance on the accuracy of any specific performance report.
Definition of the Firm
For the purposes of applying the GIPS Standards, the Firm is defined as all institutional segments of Mawer Investment Management Limited ('Mawer'), collectively held out as Mawer Institutional. Private clients, Mutual Fund Direct clients and Separately Managed Accounts (SMA) are not included in the GIPS Firm.
Composite Description
Canadian equity products with a market capitalization of greater than $500 million CAD, with the primary objective being growth. These products include Canadian stocks that have a market capitalization (or float) greater than $500 million (CAD) at the time of initial purchase. Includes only accounts considered Institutional.
Restrictions
Maximum 15% cash and cash equivalents. Minimum 70% Canadian Mid-Large Cap.
Composite Creation Date
2013-09-01
Composite Inception Date
2006-12-31
Reporting Currency
All numerical information is calculated and presented in Canadian Dollars.
Invesment Management Fees
75bps on first $5m, 45bps on next $20m, 35bps on next $25m, 30bps on balance.
The amounts of assets in the investment fee tiers are based on Canadian Dollars.
Returns
Returns presented are time-weighted returns. Over all reporting periods in this report, all discretionary accounts are fee-paying. Past performance does not guarantee future results.

Gross-of-fee returns include the reinvestment of all income received/earned. Gross-of-fees returns are presented before management fees and other expenses. Returns do not reflect the deduction of investment advisory fees.

Net-of-fee returns are calculated by deducting 1/12th of the top tier of the management fee schedule (0.75%) from the monthly gross composite return. Actual fees may vary depending on the applicable fee schedule and the size of the account. Mawer Institutional bears the costs of investment research. Research costs are not separately charged to clients.
Benchmark
S&P/TSX Composite Index (TR)
The S&P/TSX Composite is the headline index for Canadian equity market.
All benchmarks are total return indices (TRIs). Composite benchmarks, if they consist of a blend of more than one index, are calculated by weighting the respective index returns on a monthly basis. Composite and benchmark returns are in Canadian dollars and net of withholding taxes, if applicable.
Internal Dispersion
Internal dispersion is calculated using the equal-weighted standard deviation of annual gross returns of those relationships that were included in the composite for the entire period. No dispersion measure is presented when the composite consists of five or fewer portfolios for the full year.
Standard Deviation
The three-year annualized standard deviation measures the variability of the composite gross returns and the benchmark returns over the preceding 36-month period; it is not presented when 36 monthly returns are not available.
Trademark
GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.
Policies
Mawer Institutional's policies for valuing investments, calculating performance, and preparing GIPS reports are available upon request.
List of Composites and Pooled Funds
A list of composite descriptions, a list of limited distribution pooled fund descriptions, and a list of broad distribution pooled funds are available upon request.
  • Disclaimers

    All information is in Canadian dollars unless otherwise stated. The strategy performance presented is based on the Canadian Mid-Large Cap Composite and is gross and net of fees. Returns are calculated using a time-weighted calculation and are annualized for periods greater than one year. The index is unmanaged and does not incur fees or expenses. It is not possible to directly invest in an index.

    Gross-of-fee returns include the reinvestment of all income received/earned and are presented before management fees and other expenses, and after withholding taxes, if applicable. A client's actual return will be reduced by management fees. Net-of-fee returns are calculated by deducting 1/12th of the top tier of the management fee schedule from the monthly gross-of-fee returns of the composite. Actual fees may vary depending on the applicable fee schedule and the size of the account.

    Past performance does not guarantee or indicate future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested. Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio’s base currency, if different. Investors should be aware that forward-looking statements and forecasts may not be realized.

    The information contained herein was provided by Mawer Investment Management Ltd. and intends to provide you with information related to Mawer Canadian Mid-Large Cap strategy and Canadian Mid-Large Cap Composite at a point in time. It is not intended to be investment advice applicable to any specific circumstance and should not be construed as investment advice. Market conditions may change impacting the composition of a portfolio. Mawer assumes no responsibility for any investment decisions made based on the information provided herein. Certain information contained herein is obtained from third parties. Mawer believes such information to be accurate and reliable as at the date hereof, however does not guarantee that it is accurate or complete or current at all times.

    References to specific securities are presented for informational purposes only. Information relating to investment approaches or individual investments should not be construed as advice or endorsement. Any views expressed were prepared based upon the information available at the time and are subject to change. All information is subject to possible correction. In no event shall Mawer be liable for any damages arising out of, or in any way connected with, the use or inability to use this information appropriately.

Disclaimers

All information is in Canadian dollars unless otherwise stated. The strategy performance presented is based on the Canadian Mid-Large Cap Composite and is gross and net of fees. Returns are calculated using a time-weighted calculation and are annualized for periods greater than one year. The index is unmanaged and does not incur fees or expenses. It is not possible to directly invest in an index.

Gross-of-fee returns include the reinvestment of all income received/earned and are presented before management fees and other expenses, and after withholding taxes, if applicable. A client's actual return will be reduced by management fees. Net-of-fee returns are calculated by deducting 1/12th of the top tier of the management fee schedule from the monthly gross-of-fee returns of the composite. Actual fees may vary depending on the applicable fee schedule and the size of the account.

Past performance does not guarantee or indicate future results. All financial investments involve an element of risk. The value of investments may rise and fall so you may get back less than originally invested. Investors should consider the risks, including lower returns, related to currency movements between their investing currency and the portfolio’s base currency, if different. Investors should be aware that forward-looking statements and forecasts may not be realized.

The information contained herein was provided by Mawer Investment Management Ltd. and intends to provide you with information related to Mawer Canadian Mid-Large Cap strategy and Canadian Mid-Large Cap Composite at a point in time. It is not intended to be investment advice applicable to any specific circumstance and should not be construed as investment advice. Market conditions may change impacting the composition of a portfolio. Mawer assumes no responsibility for any investment decisions made based on the information provided herein. Certain information contained herein is obtained from third parties. Mawer believes such information to be accurate and reliable as at the date hereof, however does not guarantee that it is accurate or complete or current at all times.

References to specific securities are presented for informational purposes only. Information relating to investment approaches or individual investments should not be construed as advice or endorsement. Any views expressed were prepared based upon the information available at the time and are subject to change. All information is subject to possible correction. In no event shall Mawer be liable for any damages arising out of, or in any way connected with, the use or inability to use this information appropriately.